USDA Guarantee Loan Amount

[RLZQ0581]

I'm a first time homebuyer. I'm a single mom with an iterlecual disability and I have a young daughter and I also take care of my disabled brother. Other than my little family I mentioned I have no other family so you can imagin how scary it is trying to navigate the loan process. I decided to buy a house and because I have trouble understanding some things so I decided to get a realtor to guide me. The realtor recommened his preferred lender and I was also comparing rates with the builder's lender. When I would talk to the preferred lender he would talk exremly fast and would not answer many questions or didn't seem to know certain things. I would come home and cry because I was just really afraid of getting screwed. I just could not understand until I began talking to the builder's lender and they explained everything in detial, answered all questions and was very patient. I also go a better rate and terms with them. I felt as if a weight was lifted off of my shoulders. Before had I asked my realtor to go with me but he said he didn't want to make the two hour drive again since it was not a home showing. He was also late to two showings previously so I said ok because I did not want to bother him. The next day the realtor called and asked which lender I was going to use and when I told him I will use the builder's lender and they are now sending my file to underwriting. The realtor has cut off all contact with me. Is this normal? I guess I don't need him at this point am I correct? Was just wondering if it was normal or did I do things in a way that was not professional? As I said I'm very new to this and this has been one of the most stressful things in my life. But I'm feeling so bad because I hope I did things correctly. 

[Horseshoez]

A few comments in no particular order:

• You did the right thing, so take a deep breath and relax. 
• It sounds like your realtor and his or her preferred lender are doing a behind the scenes deal, which I believe is at best, unethical, and possibly not completely legal depending upon where you are located.
• Regarding whether you need the realtor, it might make sense to read the contract you have with this individual, there may be some things which bind you to them for this particular sale.
• You're going to want a real estate attorney to represent you, find one now and have them help you through the rest of the process.

[RLZQ0581]

Thank you so much. I'm thankful for all of the help I have received here. My home is being built now and looking to close by the end of summer!

[VAMortgageGuy]

If your agent was not present on your first visit to the builder, they're likely not going to get paid by the builder. This is pretty common with new construction.

When you told the agent you were going with the builder's preferred lender, they dropped you because they're not going to make any money, not because your selected a different lender.

Does that make sense? 

[RLZQ0581]

The agent came with me twice to my appoitments. It also shows in my contract that he will be paid. He is listed. I still say it's very strange behavoir but I'm over it and just happy everything is going smoothly. I also found out others who are building didn't even use an agent but you live and learn.